1. (a) Except as provided in subsection (b) of this section, a secured party does not owe a duty based on its status as secured party:

2. (1) To a person that is a debtor or obligor, unless the secured party knows:

   1. (A) That the person is a debtor or obligor;
   2. (B) The identity of the person; and
   3. (C) How to communicate with the person; or

3. (2) To a secured party or lienholder that has filed a financing statement against a person, unless the secured party knows:

   1. (A) That the person is a debtor; and
   2. (B) The identity of the person.
   3. (b) A secured party owes a duty based on its status as a secured party to a person if, at the time the secured party obtains control of collateral that is a controllable account, controllable electronic record, or controllable payment intangible or at the time the security interest attaches to the collateral, whichever is later:
   4. (1) The person is a debtor or obligor; and
   5. (2) The secured party knows that the information in subsection (a)(1)(A), (a)(1)(B), or (a)(1)(C) of this section relating to the person is not provided by the collateral, a record attached to or logically associated with the collateral, or the system in which the collateral is recorded.

Source: L. 2001: Entire article R&RE, p. 1400, § 1, effective July 1. L. 2023: IP amended and (b) added, (SB 23-090), ch. 136, p. 559, § 77, effective August 7.